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tv   The Story With Martha Mac Callum  FOX News  May 12, 2022 12:00pm-1:00pm PDT

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sounds like at least the senate side, the folks are ok with the way the economy is going. >> john: counting on powell to see if he can engineer a soft landing on the economy without crashing the whole thing into the ground. fingers crossed he can do it. >> gillian: better him than us, john. >> john: exactly. john roberts. >> martha: thanks. good afternoon. i'm martha maccallum at fox news head quarters in new york. right now on "the story," jen psaki says that president biden is having a good time with his new line of attack against republicans on inflation. this phrase. >> let me tell you about this ultra maga agenda. the ultra maga agenda. under my predecessor, the great maga king, the deficit increased every year he was president.
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>> "the washington post" said an editorial board writes about the president's magical thinking on inflation as the post says. it's wishful thinking that inflation will come down by much by election day to show voters he's on top of the problem, mr. biden needs to do more than blame someone else's high prices. with that, we bring in economic adviser jared bernstein that joins me now. good to have you with us today. the "washington post" coming after the president calling it magical thinking in terms of his approach to inflation. what do you say to them? >> look, the president has called easing inflationary pressures, fighting this inflationary problem on behalf of household budgets facing real challenges from the elevated prices his top domestic priority. as a member of his economics team, if it's his top priority, it's my top priority. we're working far from magical thinking or whatever any of those comments were trying to
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suggest. we're working aggressively in five different areas. those include reducing energy costs, reducing transportation logistics snarl-ups in the supply chain, reducing kitchen table costs, reducing the budget deficit. the president was stating facts there and increasing labor supplies. each of those are agenda items that we're focused on to help household budgets. >> martha: the white house headline -- the "wall street journal" headline says that inflation stays in the heights. the combination of blow-out spending and easy money is punishing workers. we had a 1.9 trillion covid relief bill. some say when you look at the deficit issue, one of the reasons it would come back when you start to back off the covid spending and that that is actually what is happening, it's not sort of, you know, a big achievement. it's the natural course of
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things once you back off from showering money across the country. >> two points. first of all, talk about easy money or whatever it is you quoted. in fact, inflation is highly elevated in every advanced country across the globe. last european union inflation -- >> martha: a lot of them did the same thing. very loose monetary policies. >> there was fiscal and monetary policy but all different. the one thing that was the same across every one of those economies was the pandemic. when the president spoke about this, he called the pandemic the first cause of these inflationary measures. second on the deficit, there's no question that the deficit is expected to come down this year, 1.5 trillion. it's a historical fact that that is the largest deficit reduction on record. sure, some of that comes from the fiscal dynamics you
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described. a lot of it comes from the underlying strong economy and the revenues that that is generating. revenues are coming in faster than expected because we have an unemployment rate that is 3.6%. 8.3 million jobs created. strong household balance sheets, strong small business job creation. there's a lot of tail winds in this economy. >> martha: those are good things. no matter what side of the fence you may be on, ever wants to see the economy improve. everybody wants to see inflation come down. we're looking at the different measures that show. even people that are -- like steve ratner has talked about how there was j fiscal stimulus and that that's why we have inflation. now you have the fed trying to figure out how to get a soft landing out of this and likely another big hike coming in july. you think we're going to get another big hike in july and we'll get a soft landing? >> we don't talk about fed policy on a granular basis like that.
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we're very much dedicated to an independent federal reserve. i will state and underscoring reporting you just did that the confirmation of the president's nominees to the full reserve is super important, this is the first and foremost institution fighting inflation. the fact that we have a federal reserve with dr. lisa cook, the first black woman ever to be on a federal reserve board, is i think a key achievement of bidenomics trying to make sure that this extremely important globe economic institution looks a little more like the people that they're representing. >> martha: i'm sure she's excellent and well-qualified. how does the fact that it's a diversion pick mean that the economy is going to improve? why is that relevant. >> totally fair question. the reason it's relevant -- remember, these are people that are pulling some of the most influential levers in the economy. now, any time you're doing that, you have to ask yourself on whose behalf are you pulling
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those levers? if you're focused on the top reaches of the corporate sector, if you're focused on the stock market and you're not paying enough attention to communities that have long been left behind in this economy, then i would argue that you have a federal reserve that is not as representative as it needs to be. that's what president biden -- >> martha: people would argue with that. doesn't matter what color you are to compare at communities at the upper and lower reaches of the economy -- >> president biden would explain that it's important to have a federal reserve that looks like all of america. >> martha: if she's the most qualified, 100%. regardless of her skin color either way. i want to play something for you, this is potent. we hear a lot about bringing down inflation by sort of giving people -- cutting the cost of child care, cutting the cost of other things to put more money in people's pockets. i want you to listen to this. a lot of people think there's other ways to put money in
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people's pockets. this is paul bugalla friday night. he said democrats are getting it wrong. i'd like to give you a question to response. >> we democrats have a lab -- two labs, secret labs, one in berkeley, one in brooklyn where we come up with big ideas to piss off the working class. it's working comfortably. what i would rather see democrats do, go back to their roots, which is earn it. we're the person that created the g.i. bill. nobody called it free college. it wasn't. the guy that got the g.i. bill earned it. you want to get out of your college debt, serve your country. peace corps, americorps. they earn it. we have community college, job training. we need more mechanics, not mbas.
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>> martha: he says democrats are going about it wrong. people don't want handouts. they want to be in a system that they're earning it. the president says he would like to take away the debt, forgive it. >> yeah, let's talk about that. it's a really great question. let's unpack that. it takes a few seconds to do so. give me a chance here. earn it. i like that commentary. that makes a lot of sense. i think it's absolutely consistent with bidenomics. i worked with joe biden a long time. at the heart of his model is a labor market that is more welcoming, more inviting with more chances for occupational upgrading getting not just a job but a better job and not just for folks at the top of the scale but for folks that have long been left behind. we have an unemployment rate that is a tick above where prepandemic. we have more job openings than we've ever seen. the president has over 8.3
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million in job creation. 545,000 of those jobs have been in the manufacturing sector. again, 8.3 million people back to work. that is america earning it. and paul begala should recognize that if he's talking about that goal. so i think we're doing very much what he's recommending. >> martha: he's talking about benefits, earning benefits. >> i'm talking about government pay checks. >> martha: it's separate from the job issue. it's about benefits and additionalments and whether or not they should be earned. thanks very much, jared. we hope that the things that you're doing will lower inflation and all of those good things. appreciate it. >> you're welcome. >> martha: let's bring in marc thiessen. good to have you with us. >> good to be with you. >> martha: your thoughts on how the white house is approaching alleviating or trying to take a little bit of the brakes off of this inflation surge.
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>> first of all, i thought that interview was a dumpster fire. the bidenomics -- he used the phrase "bidenomics." i wouldn't want to be corning bidenomics. that is the fliest inflation in four decades, the highest gas prices on record, the worst labor shortage and supply crisis and we can't find baby formula. that is bidenomics for the average american. this talk about the deficit. now they're talking about the deficit. americans right now with all the price problems we're having, they don't care about the federal budget deficit. they care about their personal budget deficit. they care about the deficit in their paychecks. 8.5% inflation is outpacing any wage gain. they care about the deficit and 401(k)s and retirement plan. they care about the deficit in their gas tanks because they can't afford to fuel up. they care about the deficit of baby formula. focusing on the deficit right now, they're just searching for something positive to say and the numbers looking for the silver cloud, the silver lining
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in the dark clouds. all the americans see is the dark cloud. >> martha: maybe a silver cloud. this ultra -- >> it would be nice. >> this ultra maga phrase is getting a lot of attention. here's jen psaki talking about the thinking behind it. here she is. >> people have asked, where do you come up with ultra maga? what did president trump call it? big maga? the king of maga? this is all -- he is having a good time being out, drawing the contrast and i think you'll see more of that. that i think will be helpful? sharpening nor the public what the choices are. >> martha: your thoughts on that, marc. >> the ultra maga agenda misunderstands the 2020 election, which is that americans didn't vote against the trump agenda. they voted against donald trump. they loved the trump agenda. in the middle of the pandemic, in 2020, gallup poll, 56% of americans, a record, said they were better off now than four
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years ago. that has never been that high. right now when you ask how many people say they're better off before biden came into office? it's 17%. people look back at the ultra maga agenda and say hmm, people were at work, there was stuff on the shelves, the border was security, the economy was humming and growing. by the way, people -- our enemies around the world respected us. they think the maga agenda was pretty good. they didn't want to reelect donald trump. that's a big difference. >> martha: how you think it will turn the president to say i love the ultra maga title? >> he will embrace it. be focusing on donald trump, you're going to have a historic collection. if you make it a referendum on donald trump, it's not just a defeat for you but a victory for him. why would you turn it into a referendum on trump?
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it's political incompetence. >> martha: thanks, marc. john kirby and a debate that you don't want to miss. all of that coming up after this. sh, call newday usa. why? home values are at all-time highs. use your va benefit now to turn the equity in your home into cash in your hand. newday lets you borrow all of your home's value. you could take out an average of $60,000. that's at least 25% more cash than you get at a bank or credit union. more cash to pay credit card debt or cash to have on hand, so it's there when you need it. since newday's been granted automatic authority by the va, the process is fast and easy and newday can say yes when other lenders say no. call today.
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>> china is to blame. >> chinese chemical companies are the largers producer of the precursor chemicals that are being used to make fentanyl. there's a relationship between the chinese chemical companies and the criminal cartels in mexico. >> martha: we've been talking about that for a long time around here. the united states loses more than 100,000 americans to drug overdoses. the dea wants china to do more to curb the flow of fentanyl by cracking down on the chemical
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companies. drug cartels will stop at nothing to get the synthetic opioid. john katko joins me now from new york. good to have you here, congressman. obviously that is a tremendous loss. we talk about losing a million people to covid. we have also lost a smaller number but the biggest number ever, over 100,000 people to overdeath in this country. is this the way to stop it, by going after chinese chemical companies? >> that's one of the things we need to do, martha. the chinese chemical companies have been producing the fentanyl for years. we cracked down when they were sending it through the mail. so now they have a perfect surrogate with the mexican cartels. the cartels are so flushed with cash from what's going on with the human trafficking they're making billions a month. they're plowing that into
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infrastructure. the infrastructure includes producing synthetic drugs and perfecting fentanyl. my fear is that yes, we should crack down on china, of course, but my fear is that mexican cartels are developing the ability do it without the chinese helping anymore. that's is really concerning moving forward. >> martha: yeah, obviously we see what is going on at the border and we see the got-aways and people that we have no idea who came in or where they went when they got here. people on the terror watch list also coming across the southern border. why -- how is it that we're allowing that to happen with all of the resources that we have? >> it is a stunning a dereliction of duty by the president and this administration. that is coming from the mouth of me, one of the most bipartisan members in all of congress. the border is wide open. with a number of people flying across this border, with regard numbers, it's allowing the cartels to make so much money like i said but also creating the perfect diversion.
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so all the people -- all the agents are coming off the border to deal with individuals coming in. this is before title 42 is revoked, which it will get much worse. they just walk the drugs in around the other way. it shows. for the first time in our nation's history, more than 100,000 people have drug from drug overdoses. those are the things killing our kids. until we understand the connection between the two, it will get worse. the number 1 killer 18 to 45 is drug overdoes. it's pathetic. >> martha: death by overdose. in you know anyone that has taken the tiniest bit of this drug, you understand the devastation with that. john katko, thanks very much. good to have you with us.
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>> always. >> martha: joining me on set, john kirby. great to have you with us. we appreciate you coming to new york. we watch your briefings closely here as you know and it's good to have you in house. >> glad to be here. >> martha: a quick segue. people look at what's going on in the ukraine and the amount of resources going there. how is it we're so concerned about their border and not our certain border when we have this loss of life. >> president biden takes border security very seriously. he understands the importance of proper immigration policies and procedures in place to make the border work the way it's supposed to work. we have about 2,500 troops, mostly national guardsmen down there right now to help take the burden off of the border patrol individuals that they can do the kinds of actual work to monitor the migrant activities as best they can. helping them with transportation, communications, logistical support. that is a mission that we
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continue to have the discussion with the department of homeland security about, we continue to believe it's a valid mission. >> martha: you say he cares about it seriously. a lot of people don't think that. >> i understand this is an issue of debate in the country. i understand that. i think everybody in the administration understands the concerns that americans have. but i can assure you, the president understands the importance of border security. he understands the importance of national security. border security is folded into that. if you didn't, we won't be continuing to help from a military perspective to take the load off of the border patrol agents down there. >> with regard to ukraine over the first couple of months and we gave about $11 billion in aid over in different tranches over that period of time. now all of a sudden it's $40 billion on top of that. you're talking about $51 billion in aid. you know, obviously there's a tremendous amount of support in this country for ukraine and for
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this mission. but i think people look at it and say, so how many more bills? how long is this going to take? are we getting ourselves into another endless war here? >> there's no way to know how long this will last. we do think it's possible now that the fighting is concentrated in the donbas region, the eastern parts, this could be a prolonged conflict. we've been very clear that we want to continue to help the people of ukraine and the ukrainian armed forces to defend them. that will require additional resources. the president asked for $33 billion in economic and humanitarian assistance. look like the congress is poised to provides more funds on top of that. we're grateful for that support. it's been bipartisan. both sides of the aisle understand the importance of the fight that the ukrainians are in and how important our ability to help them is. the capabilities that we can send them and the weapons and the systems that are flowing every day on to the battlefield. looking president biden has been
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clear. we're going to help as much as we can as fast as we can. >> martha: the u.k. defense minister ben wallace has been speaking out about this situation the he says putin is losing. over time putin will lose. again, i'm asking what does that look like? so what does victory, is the united states in this to win it essentially as a support vehicle for ukraine and what does it look like? >> we're going to let the ukrainians define what victory is. it's their country. president zelensky should do that. he's been very clear. he wants the russians out of his country and wants his territorial integrity restored. we're going to set him up so he can achieve that vision of victory. we want to make sure that we advantage him on the battlefield, which we're doing every day and advantage him at the negotiating table, when and if he can sit down and have that
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discussion with putin, which he wants. >> martha: we're helping him with these weapons and equipment. now the long range missiles coming from russia that are falling in the middle of ukraine. we've been seeing this the last several weeks. what happens when ukraine says this is our problem. it's these missiles being launched from inside russia. we need to take out the missile launch systems inside russia. would we be with them? >> the ukraines have a right to defend themselves. you're right. they're getting struck not just in the east but the central part of the country. we've seen strikes as far west as lviv again and down in odesa. they have a right to defend themselves. but we also understand and it's not just the united states but other countries in europe understand the dangers of escalating this conflict, making it worse than it is. we have to be mindful of that when we consider the kinds of
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things we're doing to help ukraine and the kinds of things that ukraine is doing to support itself. >> martha: john kirby, thank you. nice to have you in new york. >> thank you, ma'am. >> martha: you too. so jack brewer is a former democrat turned backer of president trump's pro life presidency with a message to one of president biden's officials who says that abortion access benefits the jobs market. so did the administration fail on this baby formula crisis that we have been covering as well? the president trying to address this by talking to people about these companies that make it. we'll tell you what's going on with that after this. >> in joe biden's america, seems like it's easier to get a crack pipe in a government-funded smoking kit than it is to find baby formula. ®! ♪ ♪ oh, oh, oh ♪
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sooner created this crisis. >> today house republicans are here to push action from the biden administration who should have had a plan for this shortage months ago. instead, bare shelves, biden has had to pass the buck. babies are hungry and parents are trying to find alternative formulas. this is not a third world country. this should never happen in the united states of america. >> with that, we bring in james freeman from the "wall street journal" and robert wolf, former economic adviser to president obama. a fox news contributor. i want to hear from some of the moms with this situation. let's listen to this. >> it's ben a mental struggle. as a parent, you want to provide for your child. it's your worst nightmare unable to do so. >> every night i panic when the formula is getting low. >> parents are under so much stress. on top of everything else, now
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we have to worry about feeding our baby. >> martha: robert, it's difficult to imagine a worse p.r. situation not to mention the actual medical situation for some of these moms and their babies than a shortage of baby formula. i think the congresswoman nailed it. we're not a third world country. this is not what we should have to deal with in the united states. >> yeah, this is tough to listen to. no question about it. it's a travesty for parents and moms. just to go through the facts. in the michigan plan, they found bacteria. so the fda in one respect did the right thing because it was dangerous having to recall. number 2, there's no question the supply side and logistics are still difficult in this post covid environment. three, let many be clear, i was supportive of trump nafta 2.0 but there were unintended
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consequences. one of them, we are more stringent on importing baby formula. they must have an fda approval and there were high tariffs so my view is to allow imports to come in and i would have no tariffs on them. >> martha: so those are important facts that robert lays out, james. but i think one of the things that it highlights is knowing all of that, people have a lock of confidence in government's ability to function. if those were the situations that were coming to the forefront, why -- we pay all -- the fda has a building an entire block large in washington d.c. what are they doing in there? >> i think there's too much of them and they're intervening in ways that are not helpful. agree 100% with robert on the idea that we should allow more imports. we should take down the tariffs. the fda should be better about
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allowing people to get into this business. they can't scale up quickly. it requires a lot of fda approvals to reconfigure a factory to make baby formula. totally disagree with robert on the fda's role here. based on what we know, they created this crisis. when they warned consumers not to use the formula from that michigan plant, they said we're investigating. we found bbacteria. i'm not sure the company had much choice. since then, they have not linked that bacteria to the childhood illnesses. the cdc did the genetic test. no match, this is an fda-created crisis it appears from maybe new information will come to light. this looks to be entirely government-made and we can't solve it quickly because of the regulatory and trade barriers
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robert was discussing that really impeed people from quickly addressing this kind of situation. >> i think it points to the question of government being able to function and serve people, which is its purpose. clearly people have been let down in this situation and we hope they can figure out a way to solve it quickly. robert wolf, thank you. james freeman, thank you. president trump re-affirming his backing of dr. oz after a surge from cathy barnett, who is being called an ultra maga wild card. the former president says oz is the only one that will defeat the crazed democrat in pennsylvania. that coming from former president trump. mark meredith with a preview of this closely watched raise, which is now days away. what can you tell us? >> it's quite a statement. it's coming down to the wire in pennsylvania's closely watched republican senate primary, a new
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fox news contributor news poll shows that this is a three-way race with a lot of voters undecided. in april, former president trump backed dr. oz. the t.v. doctor facing a lot of questions about the validity of his conservative credentials. oz's lead is within the margin of error. he spent a lot of money doing ads. we're also watching dave mccormick, long considered a strong contender. he's seen a slight drop in recent weeks. he's holding an event outside of philadelphia and campaigning with ted cruz amount campaign event with cruz could help bring out the undecided voters and give mccormick the boost that he needs. the other news, kathy barnett getting a lot of last minute attention. now trump is trying to prevent a shift from oz to her campaign. in a statement out today, the former president says she has
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many things in her past, which have not been properly explained or vetted. if she's able to do so, she will have a wonderful future in the republican party and i will be behind her all the way. quit a statement. it appears he's hedging his bets there. and we continue to track the different battleground states including ohio. our political team taking a close look at the senate contest being vacated by rob portman. the race right now looking like republicans having a decent shot here. j.d. vance who won the buckeye primary competing against tim ryan. the latest survey showing that republicans doing better in ohio. >> martha: thanks. we had dave mccormick on a few weeks back. dr. oz will join us tomorrow at 3:00. stay tuned for that tomorrow. republican senator tim scott with a deeply personal response to treasury secretary janet yellen for suggesting that access to abortion is beneficial to the u.s. economy.
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>> i'll just say that as a guy raised by a black woman in poverty, i'm thankful to be here as a united states senator. family is just very important. she's my sister and we depend on each other a lot. she's the rock of the family. she's the person who holds everything together. it's a battle, you know. i'm going to be there. keytruda and chemotherapy meant treating my cancer with two different types of medicine. in a clinical trial, keytruda and chemotherapy was proven to help people live longer than chemotherapy alone. keytruda is used to treat more patients with advanced lung cancer than any other immunotherapy. keytruda may be used with certain chemotherapies as your first treatment if you have advanced nonsquamous non-small cell lung cancer and you do not have an abnormal “egfr” or “alk” gene. keytruda helps your immune system fight cancer, but can also cause your immune system to attack healthy parts of your body. this can happen during or after treatment and may be severe and lead to death. see your doctor right away if you have cough, shortness of breath,
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message, or video, all in the same app. oh... hey bonnie, i didn't see you there. ♪ ringcentral ♪ >> roe v. wade and access to healthcare including abortion helped lead to increased labor force participation, it enabled many woman to finish school that increased their earning potential. what we're talking about is whether or not woman will have the ability to regulate their re productive situation in a way that will able to plan lives that are fulfilling and satisfying for them. >> martha: so senator tim scott sort of sat back and listened to
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that. he had some of his own personal thoughts on his own life story with regard to these ideas. then he confronted the treasury secretary, janet yellen that said overturning roe would have damaging effects on the economy. here's what he had to say. >> i'm thankful to be here as a united states senator. telling black teenage moms that there's one alternative for them is a depressing and challenging message. i'm saying that the experience of so many of us, millions of us in poverty i conclude is a reason to be hopeful about what is possible even for those incredibly powerful positive women making really hard choices. >> martha: like his mom. jack brewer is founder of the jack brewer foundation. he was a life-long democrat and became republican in recent
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years. wendy esteppo is professor of education at johns hopkins university. very good to have you both here. so explain -- wendy, what do you take away from that exchange? janet yellen says that women could have lives and satisfied and fulfilling if they can have abortions. tim scott saying that he is very glad that he was born even though he grew up in abject poverty. >> i think the conversation should be 1 where they both meet in the middle. what janet yellen is saying is women should have the choice whether or not they want children. tom scott said his mom decided to make a choice to have him. i think the middle ground conversation there is that about choice. women should have autonomy and agency over their bodies. i know many people that are in high income situations and low income situations that have to
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make the decision whether or not they want to choose motherhood. that decision is theirs and theirs alone. we should allow women to be able to make that choice. that simple. >> martha: the "wall street journal" went through what janet yellen said about how allowing abortion makes the economy stronger. they said this. woman's labor participation was rising for decades before roe was decided and continue to climb in the early 2000s amid cultural changes. teen pregnancy rates have plunged by 2/3s since 1990 amid increased access to contraception. jack brewer, what do you think? >> i think this is the example of why we are in the spiritual battle we're in instead of the reason why we're feeling the wrath of god across our nation. this is disgusting. i'm a man that is a victim of this. i have lived through this.
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i wouldn't be here. i'm from a family, black women that decided to have babies like me and all of my cousins. i was that 16-year-old going to a planned parenthood clinic with my girlfriend and being lied to and being told that life starts in the third trimester. these things are evil. they're sick. i've repented for my sins and having abortions and giving up my life to christ. i now understand the battle that we face and the fact that we have a followless issue across our nation because we have taken awhy life and made people immune to babies in the womb. jeremiah 1 and 5 said he knew us in the womb. the choice is made in the bedroom. once you decide to have sex or be with another man, that is your decision that you made that you must live with. i'm so proud of this nation right now for taking on the
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biggest sin that we have in our country, that is really affects primarily african american women and african american families. are kids locked up in prison, our kids are in school systems that can't read and write and we have a lot of issues and starts here. not respecting life. >> martha: well-said. wendy, what is your response to that? >> i think it's disingenuous to make it seem that abortion is a black issue. it's a woman's issue. you're right. when you lay in bed, you make the decision whether or not to have a child. let's not put that sole decision on the shoulders of women. that woman laid in bed and lays in bed with a man. if we're going to put together as a nation stipulations of whether or not to have a child, then we should also look at the man's role in this. why is it that only -- >> absolutely. let the man sign off on abortions.
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give us the right. don't have abortions without having a man say yes to them. i agree with you. you're right on point. >> martha: finish your thought. >> that's not what i said. i think it's important that we can no longer continue to put this squarely on the shoulders of women if we're going to talk about contraception. let's also talk about contraception for men. so one, no, it's not a black issue. abortion is not. two, it's not just solely on women. we as a country have to have a deeper conversation about what contraception looks like. >> martha: all right. men and women obviously two sides to the equation here. both should be involved in this process throughout. i think you both agree on that at least on that. wendy, thank you. jack brewer, thank you. wonderful to have you here today. thank you. >> martha: thank you. let's go to jen psaki. she's taking some questions from the podium for maybe the second to last time. tomorrow is her last day. let's listen in. >> a number of factors including court rulings. those are the two areas that
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you've seen the pause. there was not interest. i would note if we take a step back and look at what is available out there and look at the supply needed as you noted as part of your questions, leasing and production offshore is lengthier process. it can take up to ten years to create supply. let's start there. so 10.9 million offshore acres currently under lease not producing on 8.26 million acres. 75 -- more than 75% that is nonproducing. of the 24.9 million acres on lease, that's almost 50%. there's over 9,000 on-shore permits approved and waiting to be used on shore. to reiterate, while we expect u.s. production is to increase over one million barrels a day this year and hit a new record next year, this specific action were a result of lack of
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industry interest and conflicting court rulings. >> the bottom line is on formula, this is a problem. i think other parents in the room can attest to that. i went to three stores this morning and still haven't found what we need. when will parents be able to get the formula that they need? what is your best sense of when store shelves will be stocked again? >> it's important to know that the reason we're here is because the fda took a step because babies took formula. they were doing their jobs. this administration has been working for weeks now to address in anticipation of where we thought there could be shortages. we have also seen an increase over the last four weeks of supply available, which hasn't been an increase over the four weeks prior to the recall. the steps that the president took today are an acknowledgement that more needs to be done.
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we don't want parents, families out there about feeding their babies. that's why the president had conversations with the ceos of walmart and target and about efforts to increase production and taking steps to ensure that we're making -- we're making wic dollars available to a range of supplies. we're seeing increases the last couple weeks. more needs to be done. we're going to cut every element of red tape we can cut. we're going to import more, to expedite this as quickly as possible. >> if you're a parent looking for formula right now struggling to find what you need, do you have a rough guess of how long the shortages will last? what should parents be bracing for here? >> we've seen an increase in supply. what we're seeing, an enormous problem is hoarding. people hoarding because they're fearful. that is one element of it. people hoarding because they're trying to profit of fearful parents. that's something that we're
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focused on, taking efforts to track and address and look into. again, more infant formula has been produced in the last four weeks than the last four weeks preceding the recall. so our message to parents, we hear you, we want to do everything we can and we're going to cut every element of red tape to make it better for you. >> this comes from the fda taking necessary steps to deal with a serious problem. as josh noted, abbott says subject to fda approval, they could restart within two weeks. do you have a sense of why it is taking so long to get this factory back up and running or what the hold-up is from the fda's perspective? >> i go back to why this decision was made in the first place to save lives. the fda is not going to approve manufacturing again unless they're certain of the safety. >> when the president spoke with philippines president-elect
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ferdinand marcos last night, did they talk about the u.s. court judgments against the president-elect? >> i'm not aware of that being a part of the discussion but i can check and see after the briefing. >> thank you. on nato, finland and sweden are successful for joining nato, that would put the u.s. on the hook for defending them. what benefit is that to u.s. citizens? >> the united states would support a nato application by finland and sweden should they choose to apply. we will respect whatever decision they make. both finland and sweden are close and value defense partners of the united states and of nato. without them being members of nato, our militaries have worked together for years, we're con if i tent to find ways to work with them about the period now or
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whatever is required if they were to join nato. i'd say in terms of how this benefits the american people, i think it's sort of what you're asking about. having a strong nato alliance, a strong western alliance, which is a defensive alliance, by the way, is good for our security around the world around certainly having a strong partnership with a range of countries including sweden and finland if they decide to join should be re-assuring to the american people about our own security interests. >> finally, when the president visits south korea next week, does he intend to visit the militarized zone and what is your assessment of the threat of north korea nuclear testing? >> on the first question, we're finalizing details of the schedule of the trouble and what it looks like. that is a step that is taken by many that visit the region. i expect we'll have our national security adviser here in the briefing room. >> martha: jen psaki is planning to brief tomorrow, which will be
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her last day at the white house as press secretary. she says her plans are not fully formed for after that. we're just going to obviously check in on that when that happens tomorrow as jen psaki is taking a lot of questions about this baby formula issue. what is the white house -- what can the white house do to alleviate that for parents across the country. so before we leave you today, there is on the royal front another notable absence from queen elizabeth, the 96-year-old monarch missed the first garden party of the season at buckingham palace today. days after sitting out for the opening of parliament, which she has not missed in 60 years. prince charles was there and also prince william was in attendance. we're glad to be joined by tina
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brown. she's a wonderful author and her new book, called "the palace papers, inside the house of windsor, the truth and the turmoil." it's out now. great to have you with us. >> thanks very much. >> martha: it's a great book. i'm about halfway through it. you get the juiciest details and the best interviews. let's start with that. she's not going to be attending the garden parties this year. a lot of concern and speculation about how she's doing. >> she's very frail. there's no doubt about it. you know, she's leaving the country in a perilous state. always in the past she's been there to ensure her composure, her dignity. we're about the enter the 70th year jubilee. she's not able to appear a great deal. it's causing a great deal of national jitters.
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>> martha: we saw prince charles out and about yesterday, i believe. people were swarming him, saying how is your mom. there were reports that he was somewhat emotional at particle nent, at the opening of parliament. everybody tries to read in to the tea leaves what's going on. >> prince charles is stepping in as the understudy when he's mother makes another announcement of something she can't do. what i tried to show in my book, "the palace papers" the 25 years of all of this turbulence in the family, all of this trauma. but always at the center of it, it could be pulled back together because of queen elizabeth ii's ability to rise above it all and make people feel that she could keep caulk and carry on. now she can't. that is making a lot of difference in how the family dramas unfold. she's had two or three terrible
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years. we had the scandals with prince andrew where he had to be cancelled for the allegations of sexual assault. harry and meghan departing the family with a lot of drama. and their oprah interview, which caused so much angst. and the loss of prince philip who died during the pandemic. this has left her, you know, weakened really. it's very poignant to see. >> martha: it is. you talk about the fact that she's obviously the center, the driving force of this family, this monarchy and keeping it on course over and over again. you mentioned the opera interview. it's reminiscent of what we saw with diana and you wrote "the diana chronicles." here's a snippet of the interview that meghan did and how explosive this was. >> i advocated for so long for
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women to use their voice. and then i was silenced. >> were you silent or were you silenced? >> the latter. >> they're watching that at buckingham palace. what is going through their mints? >> what is going through their minds, why are you surprised? if you marry in to the royal family, your role is to represent the crown and representing the queen. it's not to be sounding off and your own opinions. yes, of course. own opinions were silenced. we don't know what the queen thinks about anything after 70 years. we don't know anything about what she thinks. it's served her rather well. her inscrutability.
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meghan didn't understand that. >> martha: it's not about you. she didn't understand that part. i'm going to being a podcast. for now, good-bye. that's "the story" for today, may 12. the story goes on. we'll see you tomorrow. "your world" gets underway in a few seconds. have a great evening, everybody. >> neil: doesn't look too bad by the end of the day. the downtown 92 1/2 points. what if i told you for a while we were down 600 points? we swung within a 1,000 point range. we're seeing more of it and more signs of inflation is still increasing at an alarming rated. we have you covered. i'm neil cavuto. the volatile swings that we've gotten so used to in this market where stocks can go up, stocks can go down and have the type of

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